| Stock Price? | Down 39% |
| Net Income? | UP 3% |
| Net Profits? | UP 7% |
| Top 5 officers compensation? | UP 60% |
| CEO compensation? | UP 133% |
| Board compensation? | UP 147% |
| Health care cost shifting to workers and retirees January 2003? |
UP $43 million ― $50 million |
| GE is rewarding CEO Immelt, top executives,
and board members, but punishing workers. While GE forced
active and retired workers to pay more for health care and
refused to provide a cost-of-living pension benefit to
retirees, GE's corporate elite went feeding at the trough of
corporate greed. Last year, GE's top five officers received a 60% increase in their compensation to a total of $62.2 million. Board members saw their compensation reach $250,000 a year―all for attending 13 meetings a year. Immelt made $15.4 million―a 133% increase over 2001. CEO Immelt makes 314 times what the average union member makes. Top managers split a $165 million pot of incentive pay for meeting the company's short-term financial goals. Who knows? The health care cost shifting decision could have been made by someone trying to grab a share of the next round of incentive pay. |
|
GE must share its wealth with those who
made it possible:
|
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